Investor Presentaiton

ESG Initiatives (4) Governance Initiatives Ensuring Involvement of Third Parties in Decision-Making Flow to Protect Unitholders' Interests Flow at the time of the decision to acquire assets from interested parties Following the unanimous vote at the compliance committee including the third-party outside experts, weighted resolution by the board of directors of the Asset Manager and approval by the board of directors of DHR consisting of third-parties only are required Instruction to revise Compliance Officer Report Attendance Attendance Attendance deliberation results Attendance Daiwa House REIT Investment Corporation Same Boat Investment / Investment Unit Ownership Program by Daiwa House Investment in DHR units (same boat investment) In order to align interests between our unitholders and Daiwa House, Daiwa House intends to continue holding our units Daiwa House's investment in DHR (% of ownership) Investment unit ownership program 187,200 units (9.0%) As of March 26, 2019 Daiwa House established the Investment Unit Ownership Association in October 2018, following the release of "Guidelines for Investment Unit Ownership Program" by Japanese Securities Dealers Association in May 2018 Investment Department Investment Committee Compliance Committee Unanimous vote Decision on acquisition Approval Board of Directors of DHR Weighted resolution Asset Manager Board of Directors of Unanimous vote Subjects Officers (Planned) introduction November 2018 Employees 2019 Investment Unit Ownership Program / Cumulative Investment Unit Investment Program by Asset Manager Investment unit ownership program Officers and Employees Introduced in December 2013 Subjects Disagreed Disagreed Disapproved Disapproved Planned introduction Officers and Employees 2019 Instruction to revise Abolish proposals Abolish proposals Cumulative investment unit investment program Submit investment value analysis Attendance at the board of directors meetings of DHR by the executive director and supervisory directors in the period ended Feb. 2019 100% (9 out 9 board meeting) Subjects Introduction 40

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